India's fast fashion retail market is growing at 25-30% every year and aims to reach $15-20 Bn by 2030 through omnichannel, private label, and Tier 2/3 market penetration. Kiaasa Retail Ltd, Ghaziabad-based (incorporated in 2017), has 113 branded retail outlets across 70+ cities with Pan-India e-commerce, selling fashionable clothing (Western/Ethnic) under Kiaasa, AKS, and Roadster Kids brands.
Kiaasa Retail Limited is engaged in the manufacture and retail of affordable fast fashion clothing (women's, men's, kids') through 113 exclusive branded retail outlets (across 70 cities), EBOs, and online marketplaces. The products are manufactured through the company's scalable Ghaziabad facility, supplemented by warehousing in strategic locations and fast inventory turns for seasonal fashion.
Some of the key success factors are Omnichannel presence (offline business contributes 70% to revenues), broad-based product offerings (3,000+ SKUs), private label strategy, fast store expansion (20+ new stores every year), and optimized supply chain for a 45-day inventory cycle.
Kiaasa Retail Limited has been performing well in the pre-IPO period. The company's FY25 revenue growth outpaced FY23, with PAT performance robust (please refer to RHP for EPS and RoNW details). Kiaasa Retail Limited's ₹69.72 Cr BSE SME IPO (54.9 lakh equity shares @ ₹10 FV) is priced at ₹121-127 band (lot 1,000 shares ≈ ₹1.27L min; 2 lots ₹2.54L). Opens Feb 23-25, 2026,
Kiaasa Retail IPO Details:
Kiaasa Retail Issue Management:
Expert Global Consultants Pvt Ltd acts as the book-running lead manager for Kiaasa Retail SME IPO, managing underwriting and compliance.
Kiaasa Retail IPO RTA (Registrar) Details:
Purva Sharegistry (India) Pvt.Ltd. handles allotment, refunds, and demat credits—contact at 022-23018261/ 23016761 or newissue@purvashare.com.
Kiaasa Retail IPO Allotment Status:
To check your IPO allotment status:
Visit the Purva Sharegistry (India) Pvt.Ltd. IPO Application Status page.
Select the company name from the dropdown menu.
Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
Click Submit to view your allotment status.
Action Links:
To apply for Kiaasa Retail IPO, open a demat account here
Kiaasa Retail IPO Subscription Status: Check live subscription here
Kiaasa Retail IPO GMP Update: Check latest grey market premium here
Kiaasa Retail Limited, established in 2018 and headquartered in Ghaziabad, operates in the marketing of ethnic wear for women through omni-channel retailing. The company has grown through 124 outlets, franchise business, and online retailing, with FY25 sales of ₹120.68 Cr (an increase from ₹85.04 Cr in FY24), PAT of ₹8.38 Cr, RoE of 22.21%, and RoCE of 20.34%.
The BSE SME IPO issue dates are February 23-25, 2026 (price band of ₹121-127, lot size of 1,000 shares, minimum retail of ₹2.54 lakh for 2 lots), allot
Kiaasa Retail Limited IPO is ₹69.72 Cr total (54.90 lakh shares @ ₹10 FV): 100% fresh issue (no OFS)—for capital expenditure on new stores (~₹46.45 Cr) and general purposes.
Kiaasa Retail IPO proceeds will be deployed towards the following objectives:
Kiaasa Retail Ltd BSE SME IPO reserves 54.90 lakh shares per SEBI SME norms
No anchor investor portion proposed for this issue .
As per RHP and prospectus statements, Kiaasa Retail Limited reported strong FY25 financials with revenue increasing 41.7% YoY to ₹120.70 Cr from ₹85.19 Cr in FY24, mainly due to the expansion of outlets to 124 across 70 cities, omni-channel business (B2B/B2C & E-commerce), and increasing acceptance in women's ethnic wear. PAT increased by 46% to ₹8.38 Cr (margin of 6.94%), with RoNW of 39.21% over three years and RoCE of 20.34%. EBITDA margin was ~11.8% (FY24: ₹10.01 Cr), thanks to effective store expansion through FOFO/COCO models and acquisitions such as U-Women and LAABHA, although this is lower than the aggressive growth numbers provided.
The important risks and strengths of Kiaasa Retail IPO are mentioned below:
Strengths:
Scalable omni-channel business with 124 outlets in 70 cities through capital-efficient FOFO/COCO formats.
FY25 revenue increased by 41.7% YoY to ₹120.70 Cr, PAT also grew by 46% to ₹8.38 Cr, RoNW averaging over 20%.
Customized ethnic wear for tier-II/III cities, supported by experienced promoters and multi-stage quality checks.
"Nine99" outlets are inventory-optimized; acquisitions such as U-Women accelerate women's business growth.
Risks
Compliance gaps: Delayed statutory filings, unregistered leases, absent formal cash management.
North India revenue concentration risks regional economic or supply disruptions.
Debt rose to ₹43 Cr for expansion, elevating leverage and interest cost pressures.
Valuation aggressive at ₹232 Cr market cap (upper band); apparel trends volatile, heavy lease dependence.
The RHP filings confirm Kiaasa Retail Limited's FY25 strength with revenue ₹120.70 Cr (+41.7% YoY), PAT ₹8.38 Cr (6.94% margin), average RoNW 39.21%, and post-issue P/E 19.3x (FY25 EPS ₹6.58)—attractive vs peers like Monte Carlo Fashions (17.11x), Kewal Kiran (23.59x). The omni-channel ethnic wear model (124 outlets in 70 cities, e-commerce, FOFO/COCO formats) drives scaling via store additions and "Nine99" inventory optimization.
The ₹69.72 Cr BSE SME IPO at ₹127 upper band trades at 1.9x sales/19.3x EPS (post-issue). Solid RoNW/RoCE (39%/20%), promoter confidence, and capex for 15+ stores outweigh compliance/debt risks for moderate listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Kiaasa Retail IPO, open a demat account here
Kiaasa Retail IPO Subscription Status: Check live subscription here
Kiaasa Retail IPO GMP Update: Check latest grey market premium here
1. What is the Kiaasa Retail IPO open and close dates?
The Kiaasa Retail BSE SME IPO opens February 23 and closes February 25, 2026; allotment is on February 26, and listing is on March 2.
Track Kiaasa Retail IPO subscription status live here from Finnpick.
2. What is the Kiaasa Retail IPO price band and lot size?
The IPO price band is ₹121-127 per share (FV ₹10), with a lot size of 1,000 shares; the retail min bid is ₹2.54 lakh (2 lots/2,000 shares).
3. What is Kiaasa Retail IPO total size?
The Kiaasa Retail IPO size is ₹69.72 Cr fresh issue (54.90 lakh shares), 100% fresh; it lists on BSE SME on March 2, 2026.
4. How to apply for the Kiaasa Retail IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 25, 4 PM. Monitor the Kiaasa Retail IPO subscription tracker here.
5. How to check Kiaasa Retail IPO Allotment Status?
The allotment date is on Feb 26th and can be checked on Purva Sharegistry (I) Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Kiaasa Retail IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 19, indicating listing at the price range of ₹127—check daily updates of Kiaasa Retail IPO GMP trends here and live subscription status here from Feb 23rd opening only on Finnpick.
7. What does Kiaasa Retail specialise in?
Kiaasa Retail specialises in affordable women's ethnic wear, including salwar suits, lehengas, kurtis, footwear, jewellery, handbags, and scarves, sold via 124 exclusive outlets and e-commerce across 70 cities.
8. When is the Kiaasa Retail IPO listing date?
The Kiaasa Retail Ltd IPO lists on 02nd March, 2026, on NSE SME (~T+3 post-allotment Feb 26).
9. What are the Kiaasa Retail IPO proceeds utilisation details?
The Kiaasa Retail IPO net proceeds fund ₹46.45 Cr for capital expenditure on 15+ new stores (expansion to 250+ by FY28), with the balance for general corporate purposes like working capital.
